Nasdaq Index Under Negative Pressure 30/10/2023

“Nasdaq Index Shows Limited Gains Amidst Resistance”

The Nasdaq index displayed modest upward movements but struggled to stabilize above the 14130 support level, reaching its peak at 14,325.

From a technical standpoint, a bearish trend is anticipated, evident from the index’s movement below the simple moving averages and its inability to break the 14,320 resistance level. Expectations point towards a potential downturn in the coming hours, with a retest of 14,140 as the initial target. A breach of this level could lead to further losses, potentially pushing the index down to 14,040.

Conversely, an upward breakthrough above 14,340 could pave the way for a loss reduction, with the index targeting 14,430. Continued upward attempts may extend the rally towards 14,540.

Investors are advised to exercise caution due to the elevated risk levels, driven by ongoing geopolitical tensions, potentially resulting in significant price volatility.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 14140	R1: 14340
S2: 14040	R2: 14430
S3: 13945	R3: 14540